When starting to think about international adoption, the first thing most people ask is, “What does it cost?” The answer is staggering – costs range from $20,000 – $40,000 depending on the country and the situation. Many people hear this and then they decide that they can’t adopt.
You have read this far, though, and maybe you have this glimmer of hope that perhaps you really can adopt, even if you aren’t due to inherit the Gates fortune. The truth is that families adopt every day. Normal families with moderate incomes have adopted and many plan to do it again.
You certainly have to be determined and you have to be willing not to give up, but it can be done and you can do it! Over the next few days, I will outline for you what other adoptive families are doing and what you need to do to raise the money needed for your adoption.
Here are the basics you need to start with when deciding where the funds will come from for your adoption:
What resources do you have?
Stop and take a careful look at your current situation. Do you own a house? If so, then a home equity loan is one way that you can fund your adoption. Perhaps you own two cars – can you sell one and use what you make from it (or the payments you were putting towards it) to help with some of your adoption expenses? Also, look at savings accounts and vacation accounts. If you are saving for new furniture, maybe you can wait a few more years for that new couch. Or, if you’re saving for a vacation, keep in mind that you are about to take the vacation of a lifetime – going to another country to get your adopted child.
How can you cut back?
After you look at resources, take a look at your budget. What can you cut back on, at least for the time being? A lot of us don’t realize how much we spend on small things like our morning coffee or restaurant meals. Remember that every little bit helps. If you can save a hundred dollars a month, then that’s great! Don’t underestimate the power of small amounts. If you need more help in shrinking your budget, check out the great entries in the Frugal Blog here at Families.com.
In the next two blogs, we will talk about adoption grants and loans and also about fundraising for your adoption.